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Family offices are increasingly paying their executive assistants lucrative salaries, with some earning up to $190,000 a year. This trend is a result of the rising demand for skilled professionals in these private investment groups owned by wealthy individuals. The competition for talent, fueled by a talent war between family offices and Wall Street, has led to significant increases in compensation not only for top investment roles but also for administrative personnel.
According to recruiters who spoke with CNBC, executive assistants working in family offices now command base salaries exceeding $140,000. This is a substantial increase compared to the average salary of $81,500 typically associated with senior executive assistant roles. The compensation of executive assistants varies based on the size and scope of the family office, with potential fluctuations in pay. Robert Half, a leading recruiting firm, notes that the increase in salary for executive assistants in family offices is significant and reflects a growing demand for talent in the industry.
Research conducted by Deloitte Private revealed that there are approximately 3,200 single-family offices in North America and around 8,000 globally. Working in a family office often entails a wide range of responsibilities beyond traditional administrative tasks, such as managing mail and creating expense reports. Executive assistants in family offices may also be tasked with coordinating travel arrangements for the entire family or managing household staff at various personal residences, highlighting the diverse nature of the role.
Jonathan Hova, a senior vice president at Career Group, emphasized the importance of being versatile in an executive assistant role within a family office. He highlighted the unpredictable nature of the job, where assistants may be required to handle unexpected tasks, ranging from scheduling travel to overseeing property maintenance. The willingness to adapt to various demands is a key attribute for success in this position.
A survey conducted by Botoff Consulting found that the median base salary for executive assistants in family offices was $100,048. The study surveyed 436 family offices and family investment enterprises to gather data on compensation trends in the industry. As family offices expand and manage larger assets, executive assistants can anticipate earning higher salaries, with those working in offices managing up to $2.5 billion in assets earning approximately 35% more than the industry average.
In addition to base salaries, executive assistants in family offices may receive annual bonuses ranging from ten to twenty percent of their salary, according to Botoff Consulting. The top-performing assistants in family offices can earn substantial bonuses, with the top 10% of earners receiving salaries of $188,800 and bonuses of 20%. Larger family offices often offer long-term incentive programs that can significantly boost an assistant’s total compensation, with top earners potentially making up to $240,000 annually.
Trish Botoff, the founder of Botoff Consulting, acknowledged that some families may be surprised by the high salaries of executive assistants in family offices. However, she emphasized the importance of skilled professionals in managing the complex and diverse tasks involved in supporting ultra-wealthy individuals. Botoff highlighted the value of having control over services, methods, and personnel, underscoring the personalized nature of executive assistant roles in family offices.
Executive assistants in family offices often accompany the executives they support on travel, whether for personal or professional reasons. Dawn Faktor Pincus, a senior recruiter at Howard-Sloan Search, highlighted the demanding nature of executive assistant roles in family offices, which often require significant time and travel commitments. She mentioned that qualifications such as Ivy League degrees and experience with high-net-worth clients are highly valued by ultra-wealthy organizations seeking talented assistants to support their operations.
Recruiters such as Fira Yagyaev from Larson Maddox emphasized the importance of experience in the sector for executive assistant roles in family offices. Many family offices require a minimum of five years of relevant experience, with some seeking candidates with eight to ten years of experience due to the complexity of the job. Yagyaev noted that executive assistants in family offices play a crucial role in managing the day-to-day affairs of wealthy families, making their expertise and professionalism essential for success in the position.
In summary, the rising demand for skilled executive assistants in family offices has led to substantial increases in salaries and bonuses for these professionals. As family offices continue to grow and manage larger assets, executive assistants can expect to earn competitive compensation packages that reflect their expertise and contributions to the organization. The personalized and diverse nature of executive assistant roles in family offices underscores the value of these professionals in supporting the complex needs of ultra-wealthy individuals and their families. Ultimately, the high salaries and bonuses offered to executive assistants in family offices reflect the industry’s recognition of their crucial role in managing the day-to-day operations of these private investment groups.
